证券研究报告 ＃industryId＃ 公用事业 ＃title＃ 2024Q1 火电利用小时同比+31h，电热整体利润同 ＃inve推stSu荐ggestion＃ (维＃ 持） 比+47.5% investS uggesti onChan ＃createTime1＃ 2024年4月29日 ge＃ ＃ 相关rel报ate告dReport＃ 投资要点 ＃sum2m0a2r4y0＃422-20240426，本周A股电力指数-1.28%，截至4月26日PE（TTM）估值25.4x；A股 燃气板块指数-5.06%，截至4月26日PE（TTM）估值13.6x。A股电力指数-1.28%，其细分子 《【兴证公用】公用周报：3月 板块火电、水电、新能源发电变化幅度分别为-0.83%、-1.70%、-1.30%。A股燃气板块指数-5.06%。 全社会用电量同比+7.4%，关注  本周火电组合：华电国际+建投能源+国电电力+皖能电力+浙能电力+申能股份+华能国际+内蒙华 火 电 一 季 报 业 绩 弹 性 》 电+天富能源 2024-4-21  本周清洁电力组合：中国广核+中国核电+国投电力+川投能源+长江电力+华能水电  ...

行 业 研 证券研究报告 究 ＃industryId＃ 汽车 ＃title＃ 周动态：《汽车以旧换新补贴实施细则》印发，北京车展开幕 ＃ ＃inve推stSu荐ggestion＃ 维持 ( investS） uggesti onChan ＃createTime1＃ 2024年04月 29日 ge＃ 重点公司 重点指数周表现（2024.4.22-2024.4.26） 行 指数 周涨跌幅（%） 周成交额（亿元） 年初至今涨跌幅（%） 重点公司 评级 业 上证综指 0.8% 18660 5.4% 长城汽车 增持 创业板指 3.9% 10358 2.7% 周 银轮股份 增持 SW汽车 2.4% 2516 7.2% 报 SW乘用车 1.5% 637 15.2% 拓普集团 增持 SW商用车 1.9% 227 27.8% 爱柯迪 增持 SW零部件 3.0% 1542 1.8% 福耀玻璃 买入 SW汽车服务 2.6% 32 -15.4% 科博达 增持 资料来源：iFinD，兴业证券经济与金融研究院整理 投资要点 来源：兴业证券经济与金融研究院 ＃ 相关rel报ate告dReport＃ ＃＃ssuumm本mma期arryy板 ...

行 业 研 证券研究报告 究 ＃industryId＃ 化工 ＃title＃ TMA 价格表现强劲，科思创装置突发停车 ＃ ＃＃iinnvvee推推ssttSSuu荐荐ggggeesstt iioonn＃＃ ( 维持 ） investS ugg esti ＃createTime1＃ 2024年 4月 29日 onChan 重点公司 ge＃ 投资要点 行 重点公司 评级 ＃ ⚫ sum 本ma 周ry＃ 观 点：春节后化工品价格在悲观预期下阶段性回落，上月底至月初跌至 业 万华化学 买入 底部区域，行业本身处于正常需求旺季叠加下游开启刚需补库，4 月初以来 华鲁恒升 买入 化工品价格整体呈现回暖态势。现阶段，化工需求或逐步步入淡季，整体价 周 扬农化工 买入 格上行动力不足，我们建议关注供给缺失、补库持续等景气延续的细分领 报 中国巨石 增持 联化科技 增持 域： 华峰化学 增持 ⚫ TMA价格有望持续上涨。 金禾实业 买入 新和成 增持 TMA即偏苯三酸酐，主要用于和异辛醇反应生产环保型增塑剂TOTM，其次 润丰股份 增持 还用于生产高端粉末涂料、高级绝缘材料和高温固化剂等产品。受益于相关 中国石油 增持 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Insights - The company achieved stable revenue with a year-on-year profit growth of 1.4% in Q1 2024, with net interest income increasing by 2.2% due to steady expansion and resilient interest margins [1][4] - Total assets grew by 4.3% year-on-year, with loans increasing by 6.6%, focusing on key areas such as manufacturing, green credit, and small and micro enterprises [1][4] - The net interest margin remained resilient at 1.27%, with a year-on-year decrease of 6 basis points but a quarter-on-quarter increase of 5 basis points [1][4] Summary by Sections Revenue and Profit - In Q1 2024, the company reported revenue of 67.1 billion yuan, unchanged year-on-year, and a net profit attributable to shareholders of 25 billion yuan, up 1.4% year-on-year [3][4] Asset Quality - As of the end of Q1 2024, the non-performing loan ratio decreased by 1 basis point to 1.32%, while the coverage ratio increased by 2 percentage points to 197% [2][4] Capital Adequacy - The core Tier 1, Tier 1, and total capital adequacy ratios as of the end of Q1 2024 were 10.44%, 12.40%, and 16.09%, respectively, all meeting regulatory requirements [2][4] Earnings Forecast - The expected EPS for 2024 and 2025 is 1.26 yuan and 1.27 yuan, respectively, with an estimated book value per share of 13.19 yuan by the end of 2024, resulting in a price-to-book ratio of 0.52 times [2][4]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, expecting a price-to-book (PB) ratio of 0.49 by the end of 2024 [2][11]. Core Insights - The company's net interest margin for 2023 is 1.74%, a decrease of 30 basis points year-on-year, primarily due to a 47 basis point drop in loan yield to 4.30% influenced by LPR adjustments and lower mortgage rates [10][11]. - Asset quality is improving, with a non-performing loan (NPL) ratio stable at 0.91% at the end of 2023 and Q1 2024, while the attention rate decreased to 1.06% in Q1 2024 [10][11]. - The company reported a net profit of 1.74 billion yuan for 2023, a 16% increase year-on-year, and a Q1 2024 net profit of 410 million yuan, up 15.8% year-on-year [13][14]. Financial Performance Summary - Total assets as of the end of 2023 were 202.57 billion yuan, with a year-on-year growth of 12.4%, and loans increased by 12.3% [15][16]. - The company expects earnings per share (EPS) of 1.07 yuan for 2024 and 1.15 yuan for 2025, with a projected net asset value of 9.74 yuan by the end of 2024 [11][12]. - The capital adequacy ratios as of Q1 2024 are 10.10% for core tier 1 capital, 10.11% for tier 1 capital, and 11.75% for total capital [11].

Investment Rating - The report maintains an "Accumulate" rating for Suzhou Bank [1][6] Core Views - The bank's net interest margin for 2023 is 1.68%, down 19 basis points year-on-year and 3 basis points quarter-on-quarter, primarily due to the reduction in loan rates and the impact of LPR adjustments [1][4] - The bank's asset quality remains strong, with a non-performing loan ratio of 0.84% at the end of 2023 and Q1 2024, while the provision coverage ratio decreased slightly to 492% in Q1 2024 [1][5] - The bank's total assets grew by 14.7% year-on-year at the end of 2023 and 16.8% year-on-year at the end of Q1 2024, with loans increasing by 17.4% and 20.3% respectively [2][4] Summary by Sections Financial Performance - In 2023, the bank achieved a revenue of 11.9 billion yuan, a year-on-year increase of 0.9%, and a net profit attributable to shareholders of 4.6 billion yuan, up 17.4% [3][4] - For Q1 2024, the bank reported a revenue of 3.23 billion yuan, a 2.1% increase year-on-year, and a net profit of 1.46 billion yuan, up 12.3% [3][4] Asset Quality - The non-performing loan ratio remained stable at 0.84% for both the end of 2023 and Q1 2024, while the attention loan ratio decreased to 0.77% in Q1 2024 [5] - The provision coverage ratio was 523% at the end of 2023 and decreased to 492% in Q1 2024 [5] Capital Adequacy - As of the end of Q1 2024, the core Tier 1 capital adequacy ratio was 9.39%, the Tier 1 capital adequacy ratio was 10.77%, and the total capital adequacy ratio was 13.92% [5] Earnings Forecast - The bank's EPS is projected to be 1.39 yuan in 2024 and 1.54 yuan in 2025, with a projected PB of 0.59 times by the end of 2024 [6][8]

行 业 研 证券研究报告 究 ＃industryId＃ 快递 ＃title＃ 2024 年 3月快递月报 需求端活力足、价格端韧性强，建议重视快递网络配置价值 ＃inve推stSu荐ggest ion＃ ( 维＃持 ） i un gv ge es st tS i ＃createTime1＃ 2024年 04月 29日 ＃relatedReport＃ o nChan 投资要点 相关报告 行 ge＃ ＃summary＃ 《【兴证交运】航运板块3月跟 ⚫ 事件：各快递公司公告2024年3月运营数据。 业 踪：需求偏弱，油轮3月运价承 1、快递行业：1）业务量：138.5亿件，同比+20.1%（前值为-15.6%）、环比+61.8%。 点 压》2024-04-15 《【兴证交运】交通运输行业周 社零增速为+3.1%，网购实物商品零售额增速为-4.9%，电商渗透率为25.2%、同比 评 报（2024.4.8-2024.4.14）：“五 提升-2.1pct。2）单票收入：8.15元/件，同比-5.7%、环比-8.2%；3）收入：1128.3 一”出境游部分航线涨价超 报 200%，预计24Q1快递件量同比 亿元，同比+1 ...

行 业 研 证券研究报告 究 ＃industryId＃ 医药生物 ＃title＃ 自身免疫疾病与炎症-1：国产自免创新药迎来 ＃ ＃ inv es推tSug荐gesti on＃ ( i维 nve持 stS u） 落地期，有望改善庞大患者群体生活质量 行 g Cg he as nt gio en ＃ createTime1＃ 2024年 4月 29日 业 ＃ 投资要点 ＃相关rel报ate告dR eport＃ 深 ＃⚫s um自ma免ry＃领 域疾病种类多，患者人群庞大，长期用药的市场需求可观。 度 《医药生物行业2024年度策略 我国主要自免疾病总体患者规模庞大，考虑目前诊断率仍然较 研 报告：创新+国际化，攻守兼备， 低，实际患者规模更大。根据 Lancet、Frost & Sullivan、国家皮 静待花开》2023-12-05 究 肤与免疫疾病临床医学研究中心数据预计，中国 2022 年特异性 《智翔金泰：技术平台驱动高效 报 创新，自免新星冉冉升起》2023- 皮炎患者约 7000 万人，银屑病患者约 800 万人、强直性脊柱炎 告 07-05 患者约 390 万人、哮喘患者约 6700 万人，慢性鼻 ...

证券研究报告 ＃industryId＃ 公用事业 ＃investSuggestion＃ ＃ ＃d内yCo蒙mpa华ny＃电 （ 600863 ） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ 煤炭产能释放持续优化成本结构，现金分红稳定兑现 ange＃ ＃createTime1＃ 2024年4月29 日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry＃：内蒙华电发布2023年报及2024年一季报，2023年全年公司实现营业 日期 2024/4/26 收入225.25亿元，同比-2.34%，归母净利润20.05亿元，同比+13.44%。2024Q1 收盘价（元） 4.49 实现营业收入55.72亿元，同比-7.43%，归母净利润8.88亿元，同比+2.96%。 总股本（百万股） 6,527 此外，公司2023年预计对应税前分红金额为12.07亿元。结合公司经营数据， 我们点评如下： 流通股本（百万股） 6,527  煤电：煤矿产能释放改良公司成本结构，负荷承压影响煤电利润释放。公司 净资产（百万元） 19,315 2023年全年负荷端面临压力，全年完成 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on expected performance improvements in the coming years [1]. Core Views - The company reported a revenue of 4.123 billion yuan in 2023, a decrease of 5.85% year-on-year, with a net profit attributable to shareholders of 563 million yuan, down 24.86% year-on-year. However, Q1 2024 showed signs of recovery with a revenue of 1.038 billion yuan, an increase of 8.42% year-on-year, and a net profit of 151 million yuan, up 13.53% year-on-year [1]. - The report highlights that the impact of centralized procurement on the company's formulation sales is gradually easing, and new product launches are expected to drive growth. The company’s formulation sales in 2023 were 2.278 billion yuan, down 12.4% year-on-year, but recovery is anticipated in 2024 [1]. - The raw material drug segment saw a revenue of 1.786 billion yuan in 2023, an increase of 3% year-on-year, attributed to the company's competitive advantages despite a challenging market environment [1]. - The earnings forecast for 2024-2026 estimates EPS of 0.69, 0.83, and 1.00 yuan, with corresponding PE ratios of 16.60, 13.76, and 11.40 times, respectively [1]. Financial Summary - In 2023, the company achieved a gross margin of 52.88%, a decrease of 5.28 percentage points year-on-year, and a net profit margin of 13.63%, down 3.43 percentage points year-on-year. For Q1 2024, the gross margin improved to 55.11%, an increase of 2.76 percentage points year-on-year [1]. - The report provides a detailed financial outlook, projecting revenues of 4.783 billion yuan in 2024, with a year-on-year growth of 16%, and net profits of 682 million yuan, reflecting a growth of 21% [1].